Can I deposit money with a credit card?

You can deposit money with a credit card. Although you can save money, there is no interest because the main purpose of a credit card is for consumption, not deposits and withdrawals. The money stored in the credit card is called overpayment. There is usually a handling fee for withdrawing the overpayment, but some banks will also waive the handling fee for overpayment withdrawal.

1. What is a credit card?

Credit cards, also called credit cards, are credit certificates issued by commercial banks or credit card companies to consumers with qualified credit. It takes the form of a card with the name of the issuing bank, validity period, number, cardholder name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

2. Credit card deposits

Credit card deposits refer to the money that enterprises deposit into bank credit card accounts in accordance with regulations to obtain credit cards. You can deposit cash with a credit card, but there is no interest on standard credit card deposits, and you need to pay a handling fee when you withdraw the deposited money (this situation is called overflow recovery). However, there are also some special cards with savings functions, so before applying for a credit card, you must read the terms and be aware of them.

Before applying for a credit card, it is best to carefully read the regulations or cardholder instructions to understand whether the card carries interest, so as to avoid unnecessary misunderstandings and financial losses. Credit card deposits are neither settlement claims nor deferred expenses.

3. What is excess deposit?

Depositing excess money on a credit card without overdraft is called an excess deposit. When you withdraw money from your credit card, the bank will charge a handling fee of 0.3-3 and calculate interest at 0.05 per day. Therefore, when we withdraw the excess deposit from the credit card, a handling fee will be deducted for the excess deposit, and a daily interest rate of 0.5% will be charged every day. What should I do if I have already put money on my credit card? We can spend by swiping the card and use the excess deposit to repay the shortfall first when the next month's bill comes out, and we will need to pay extra.

Can I deposit money with a credit card?

Can I deposit money with a credit card?

1. Credit card deposits refer to the money that enterprises deposit into bank credit card accounts in accordance with regulations to obtain credit cards. Refers to the amount of money that an enterprise deposits into a special bank credit card account in order to obtain a credit card;

2. Credit cards can deposit cash, but standard credit card deposits have no interest, and payment procedures are required to withdraw the deposited money. fee (this situation is called overpayment recovery). However, there are also some special cards with savings functions, so before applying for a credit card, you must read the terms and be aware of them.

A credit card can be used without depositing money, but a debit card (deposit card) can be used only after depositing money. With a credit card, the bank first lends money to the cardholder for consumption, and the cardholder then returns the money to the bank within a specified period of time. A credit card, also called a credit card, is a non-cash payment method and a simple credit service. The bank will issue it to the cardholder based on the user's creditworthiness and financial resources. The cardholder does not need to pay cash when using the credit card, and will repay according to the bill on the repayment date.

Features of credit cards:

1. Compared with ordinary bank savings cards, the most convenient way to use them is that they can be used for ordinary consumption without cash in the card.

2. You can use overdrafts without deposits, and enjoy an interest-free period of 20-56 days. No interest will be charged for on-time repayment (most banks will charge an interest of 50,000 cents on the day of withdrawal) and handling fees);

3. It is safe and convenient to swipe the card when shopping, and points will be given as gifts;

4. You can enjoy discounts when using the card at the bank's special merchants;

5. Accumulate personal credit;

6. Have a validity period: It is known that the validity period of domestic credit cards is generally three or five years.

Can I save money with a credit card?

You can save money with a credit card. The funds deposited into the credit card are called overpayments. This part of the funds will not generate interest and will be There will also be a handling fee when you withdraw the money. It is recommended that you try not to use credit cards to save money.

However, some banks have already canceled the handling fees for overpayment retrieval. For example, Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Minsheng, China Everbright and other local banks are exempt from handling fees. However, since it does not accrue interest, credit cards are still suitable for saving money.

Extended information:

1. Credit card, also called credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the name of the issuing bank, validity period, number, cardholder name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

2. Credit cards stipulated in the relevant laws of our country ("Interpretations of the Standing Committee of the National People's Congress on Relevant Credit Card Provisions") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, An electronic payment card with full or partial functions such as transfer settlement, cash deposit and withdrawal, etc. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is CreditCard.

Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (BillingDate).

3. Credit cards are divided into credit cards and quasi-credit cards. A credit card refers to a credit card in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card A debit card refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve as required. When the reserve account balance is insufficient to pay, the card can be overdrawn within the specified credit limit. The so-called credit card generally refers to a credit card only.

Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000).

On May 25, 2021, the Supreme People’s Court issued and implemented the “Regulations of the Supreme People’s Court on Several Issues Concerning the Trial of Bank Card Civil Cases.”

Can I deposit money on a credit card?

Yes.

Credit cards are used to borrow money and spend money, while debit cards are used to save money.

You can deposit. If you deposit too much, it is called "overpayment", but it can also be used for credit card consumption.

You can save money with a credit card, but you should pay attention to the following points:

1. You can also save money into a credit card account, but unlike a debit card (deposit card), you can save money into a credit card account. No matter how much money you save or how long you save it, there will be no interest. Because credit cards are not essentially used for deposits, the money "deposited" is not called a deposit, but an overpayment, which is used for consumption and repayment, and a handling fee may be charged for cash withdrawals.

2. This amount can increase the available limit of the credit card or be directly used for consumption repayment. If there is an overpayment on the credit card, the overpayment will be deducted first and then the credit limit. If the overpayment is greater than the consumption amount, there will be no overdraft.

3. If you deposit money into a credit card in advance without consumption, the money cannot be withdrawn. If you want to withdraw it, a high handling fee will be charged, so you should try to avoid it. . Saving money in a credit card does not accrue interest, so it is more cost-effective to deposit the money in a debit card.

4. When the credit card limit is sufficient, do not easily deposit money into the credit card. Try to repay the bill in full according to the bill, or set up the debit card associated with the credit card for automatic deduction. Regarding the handling of "overpayment" that has occurred, if the amount is small, try to "redempt" it by swiping your card. Credit card purchases will automatically use the "overpayment" limit by default before using the normal credit limit.

5. As for credit card overpayments with a large amount, try not to withdraw cash directly from self-service equipment: "You might as well use bank channels to 'save the country' - transfer the funds in the credit card to the corresponding debit In the card account, relatively speaking, the transfer fee is capped, which is lower than the overflow payment cash withdrawal fee.

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That’s it for the introduction of whether you can save money with a credit card.